Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
US equities jump
On Friday, US equities gained, with the S&P 500 as well as the Nasdaq reaching all-time maximums right after Fed Chair Jerome Powell told that the main US financial institution’s current approach to interest rate lifts turned out to be the best way to protect the American economic revival.
Gradual rate lifts also appear to be the best way to keep job surge as firm as possible and also inflation under control, as Powell pointed out. His remarks failed to change market expectations of a rate lift in September and then in December.
A dip in the evergreen buck after Powell's remarks assisted to back metal and crude prices. As a matter of fact, the materials sector SPLRCM managed to rally by 1.33%, which turns out to be the best outcome amidst the 11 S&P sectors. As for the energy sector SPNY, it leapt by 1.03%.
Additionally, the KBW bank index jumped by 0.24%, which is less than the broader S&P financials index's 0.42% leap.
Economic data backed market sentiment too. In July, new orders for primary American capital products soared more than anticipated, while shipments surge stood firm enough, as the Commerce Department told.
The Dow Jones Industrial Average soared by 0.62% hitting 25,815.03. Besides this, the S&P 500 managed to ascend by 0.64% reaching 2,875.27, while the Nasdaq Composite jumped by 0.85% coming up with 7,945.56.
The small-cap Russell 2000 index tacked on by 0.53%.
Netflix jumped by 4.8% right after SunTrust Robinson Humphrey had the stock upgraded to the status "buy," telling that current-quarter subscriber surge was solidly in line or ahead of forecasts.
Autodesk jumped by 15.2%, which is the best outcome on the S&P. It became possible after the software maker's quarterly outcomes surpassed forecasts.
Moreover, Gap Inc slumped 10%, Foot Locker declined by 11.7% after the two retailers reported downbeat same-store sales.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
Today at 00:00 GMT+3 SPCE will present the second quarter 2021 financial results. We will get to know everything about the company's financial condition and plans.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.